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REUTERS
Saudi Arabia’s Etihad Etisalat (Mobily) swung to a net profit in the second quarter, according to a statement on Tuesday, after not repeating a significant provision recorded in the corresponding quarter of last year. Mobily, which had slashed 27 months of previously-reported earnings by nearly $1 billion, made a net profit of 18.8 million riyals in the three months to June 30. This compares with a loss of 901 million riyals in the prior-year period, according to a bourse statement.
Three analysts polled by Reuters had forecast Mobily, an affiliate of the United Arab Emirates’ Etisalat, would make a quarterly net profit of 52.5 million riyals for the period. Its return to profit was attributed to Mobily not repeating an 800 million riyal provision which it made in the second quarter of 2015, relating to a dispute with rival telecom operator Zain Saudi